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and erskine bowles are next on this special "rise above" edition of the "closing bell." >>> coming up, fixing the fiscal mess. alan simpson and erskine bowles sit down with maria on the eve of the critical meeting between the president and congressional leaders. could their plan be the key to stopping america from going over the fiscal cliff? this exclusive event is next right here on this special edition of the "closing bell." iy stock screener, you can try strategies from independent experts and see what criteria they use. such as a 5% yield on dividend-paying stocks. then you can customize the strategies and narrow down to exactly those stocks you want to follow. i'm mark allen of fidelity investments. the expert strategies feature is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. >>> all right. welcome back. we have a hot show for you today. we are getting down to the brass tax on the fiscal cliff tomorrow. president obama and congressional leaders meet face to face with the clock ticking to new year's on the fiscal cl
delivered so far to a suggestion by erskine bowles he served as chief negotiator between the white house and congressional republicans as talks heat up over the deal with the debt looming and nagging fiscal clip. charlie gasparino. melissa: can't believe he doesn't want that job. melissa: charlie: he wanted but they don't want it. for sources tell the fox business network erskine bowles of simpson-bowles, former senator from north carolina worked in the clinton administration offered himself up as chief negotiator for these talks, a go-between because he gets along pretty well with republicans and is considered a moderate but what we hear from the white house is what you just read. thanks but no thanks probably. the white house is leary about putting erskine bowles in this position primarily because they want to drive a hard line and what is interesting is what we are hearing out of washington is this is part and parcel, the decision has been made about the treasury secretary, he can screw a nut but jack lew becomes treasury secretary. erskine bowles does not. that is what the white hous
, i will talk to allen simpson and erskine bowles in an interview you cannot afford to miss. hope you join us 4:00 p.m. eastern. the co-founders of the fix the debt campaign, which many corporate leaders are backing. they'll tell us how they think washington can come together and reach a deal, bill. >> sure would be great to figure that out. maria, looking forward to that. i'm bill griffeth here at the new york stock exchange. markets continue to feel the sting of the uncertainty surrounding the fiscal cliff crisis. look at the dow, for example. it can't decide whether to go higher or lower today. it's been zigging and zaging all session today. down 42 points. that's about the midpoint of the range. the nasdaq is down 11 points, about 1/3 of a percent. the s&p 500 index also trading lower, down 3 1/3 points. some long-time traders may say the first and final hours of the trading day are the most important. since the market highs back on september 14th at the time that qe-3 was announced by the fed, the s&p 500 has suffered the biggest percentage declines in the final hour. this chart
in working with the opposing party to fulfil a president legislative agenda. quintin appointed erskine bowles to represent him in negotiations with congress. erskine bowles's great talent was important in reaching the president's legislative agenda so this was followed by the same house of representatives voting to impeach bill clinton. obviously an extreme example of the age-old conflict between congress and the executive branch of government and bill clinton is listed among only seven reelected presidents who were successful. there are lessons to be learned from the clinton's second term that might offer guidance to obama where he reelected. some of the presidents who face hostility through congress, fill a majority of their own party including washington, jefferson, monroe, grand, theodore roosevelt, johnson and george bush. en route jackson was censured by congress controlled by his undemocratic party. it is like he never forgave. franklin roosevelt had a constant battle with southern democrats who opposed his new deal legislation. he suffered his greatest political defeat and the democra
addressed whether erskine bowles would be the treasury secretary and they both basically said no. follows the reporting that we had today that i was reporting that, you know, that john lou is sort of been singled as the guy -- cheryl: jack. >> jack lou, i'm sorry. erskine bowles is not going to get it. and although i think it was lott who said that the president's smart enough, he will appoint erskine bowles because it will be a show of compromise with the republicans. i think the market would go up. it would be good for the markets. you know, by the way, when we say good for the markets, we are not saying wall street is going to make a lot of money. everybody that's watching this show is in the market. i don't care if you are a construction worker. you have a money in a 401(k). you have money in a pension plan that's in the markets. the markets are the public right now. when we talk about the markets going up, that's a good thing for everybody. cheryl: remember, they are probably in your 401(k). >> right, they are probably in your 401(k) or you have a checking account. just remember, whe
the legislative agenda. clinton appointed erskin bowles to represent him in the negotiations in congress. such bargaining was important in reaching the president's legislative agenda. this is followed in this house of representatives voting to impeach bill clinton and obviously an extreme example of the age-old conflict between the congress and the exit of branch of government. yet bill clinton is listed among the seven presidents who were successful. they might offer guidance or he reelected. some of the president's face hostility from the congress feel the majority of their own party in wooded washington, jefferson, monroe, grant, theodore roosevelt, johnson and bush. andrew jackson was centered with a congress controlled by its own democratic party like he never forgave. franklin roosevelt had a constraint on had a constant battle with the democrats in congress who opposed his new deal legislation. he severed his greatest political defeat as a democratic controlled congress to support his plan to pass the supreme court. the republican fought the legislation drafted by the fellow repub
to victims of the storm? and how will the president and congress avoid the fiscal cliff? erskine bowles comes outfront swinging next. don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. buy now. save later. introducing the new droid razr maxx hd by motorola. now more than ever droid does. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. to a currency market for everyone. the potential of fxcm unlocked. nyse euronext. unlocking the world's potential. th
conservatives. >> thanks, guys. >>> yesterday, when maria sat down with alan simpson and erskine bowles, simpson took aim at republicans like grover norquist who have pledged not to raise taxes under any circumstances. listen to this. >> i've always said about grover he's wandering the earth in his white robes. what can he do to you? he can't murder you. he can't burn your house. the only thing he can do to you is defeat you for re-election. if that means more to you than your country when it means patriots instead of panderers, you shouldn't be in congress. >> joining us on the phone with reaction is mr. grover norquist from americans for tax reform. i know alan simpson has never been a big fan of yours, but what do you think about what he that had to say yesterday, especially after the election? >> well, he's left similar rambling statements on our voicemail at the office. alan simpson ranting is not news. the proposal that he put together and that people like paul ryan rejected back in 2010 would take taxes as a percentage of gdp from 18.5% during full employment, the average over the last 30
the white house. also tossed around a name out there, erskine bowles. one of the two bowles-simpson. and if the president was to embrace bowles-simpson and put erskine bowles at treasury, would that be a signal that he is in it for the long haul on bowles-simpson in the broad term? >> i think it would be. it would be a brilliant idea. if he can get some kind of agreement on the lines of their recommendations, that will be a triumph. politically for him. and i think also, the country will benefit. i think one thing he might do if it's not bowles would be to offer the treasury to romney. i'm sure he would probably turn it down but it would be the ultimate gesture. i don't think it will happen. i agree john kerry will probably end up at secretary of state. i must say that my sources in the obama white house have been rather quiet since january 2009. [ laughter ] so i'm not sure i have any other inside information. i do that panetta is an interesting man, because he has said that the sequestration, the reduction of funds of the pentagon pentagon happens it will destroy and hallo
be erskine bowles pick. rather controversial in some respects because of the commission. but erskine bowles might send a message to the folks on the hill that look, we're serious about putting together a deal here. he might -- he might be a bit of -- outside the box pick but you know i think altman is your wall street insider. he was a very popular deputy secretary of treasury. he's a very smart guy. he knows how the department works. so he's probably a safer choice for sure. on that one. >> jennifer: what do you think about someone, for example like you know, volcker or somebody who clearly -- if you pick someone like altman or erskine bowles, you're going to have progressives, i think upset. because they feel like he would be going to the middle. if you had somebody who was going to be clearly strong about, for example reinstating the glass stegall wall, do you think that might be something because the president does have a stronger hand, that he might shoot for? >> yeah, i think that's very possible. i mean i thi
ground in public opinion but we've heard from erskine bowles in the last 24 hours that the white house is privately showing some flexibility on the issue of the top tax rates. the administration believes they have to go up swla to get money they need to strike a deal, but not necessarily to 39.6% according to erskine bowles. >> john harwood, thank you. >>> investors of course watching the fiscal cliff chess match very closely. as bob showed us, the markets are moving on every bit of news. will there be a compromise to talk about that on capitol hill, senator john hovan, the former gove govern. we just talked about how markets, investsers and public are watching everything you guys are saying here. probably watching what you're saying right now. are you aware how closely they're watching and how sensitively they're acting and reacting? >> i think so. look, we need to get a bill deal. it is very important that we avert fiscal cliff and do it by not only getting pro-growth tax reform but entitlement reform and better spending control and get the kind of deal in the $4 trillion range that'
around? >> >> your the one throwing around the names in your articles. guest: jack lew and erskine bowles are generally mentioned. i don't have any inside information on who the president might consider. we will have to wait and see. >> is there one candidate that you would think could take on the job? guest: it is a tough but in for a job but i don't have a statement. guest i want to g your thoughts and a new center, \ in in the next session, elizabeth warren. >> she developed her washington presence to set up the financial protection bureau. do you have any thoughts have the financial community will try to work with her especially if she gets a seat on the senate banking committee? her araded messages with few days ago. guest: has strong views about consumer protection. our members want a safe and orderly and fair and transparent financial system and one that treats their customers and consumers in a fair and appropriate manner. the key thing is to make sure as we implement dodd-frank and hopefully refine it so it is better, that as these regulations are imposed and implemented and don'
commission co chair erskine bowles tells cnbc maria barto romo why there hasn't been a recession. >> the guys in public office haven't been focused on i believe what's really right for the country. >> meanwhile, the average rate of a 30 year loan has dropped to 3.34%. that's the lowest since 1971. the average 15-year fixed rate also hit a new low at 2.65%. >>> federal officials are investigating whether fedex and ups aided and abetted illegal drug sales from online farnl sis. both companies deny any wrongdoing. >>> mcdonald's u.s. chief is stepping down due to unusually poor fast food sales. >>> thousands of united airlines passengers were stranded thursday thanks to a computer clich. >>> a new survey says 86% of people are buckling up. >>> hostess is expected to announce its next step. >>> luke skywalker and princess leia have earned a spot in the national toy hall of fame. >>> and get this, we could use this on this shift. frito lay's jacking up its classic snack with a jolt of caffeine equal to a can of coke. cracker jack 'd is expected to come out. >>> "people" magazine weighs in on its s
if the economy goes off the cliff. erskine bowles tells maria barto romo why he thinks there hasn't been a recession. >> the guys that are running for office worship that great god of re-election and haven't focused on what's right for the country. >> the average rate on a 30 year lone has dropped to 3.34%. that's the lowest since 1971. >>> federal officials are investigating whether fedex and ups aided and abetted illegal drug sales from online pharmacies. both companies deny any wrongdoing. >>> mcdonald's u.s. chief is stepping down due to unusually poor fast food sales. >>> thousands of united passengers were stranded thursday thanks to their third major computer glitch since june. >>> a new survey says 86% of americans are buckling up today. >>> hostess is set to announce its next step this morning after threatening to close up shop if striking workers didn't return last night. >> luke skywalker and princess leia have earned a spot in the national hall of fame toy. >>> we could use this on this shift. freet tow lay is snacking up its classic snack with a jolt of caffeine equal to a c
. not exactly the deficit plan. it is like massive tax increase. i think that is the emphasis of erskine bowles. that is not what this president wants to do. he is telling people he is out. he wants to be honest fiscal cliff negotiator. it looks like he will not get it. at least so far. lori: what do we know about jack lu? >> he worked in the clinton administration. i think he was the budget director under bill clinton. he spent a little time on wall street. melissa: someone important calling you for that civility and i thought maybe it was erskine bowles department. he worked at citigroup for a while. you look at who he surrounds himself with. it looks like jack lu has that position. tim geithner, as you know, we'll stay until january. if the president was willing to do, you had at least taken erskine bowles up on his offer to be czar of this. lori: what makes you think that there will be a czar right now seasonality and i don't think they are. anything is possible. the cuts made the comment at the last minute. he swooped in. as of now, the white house still remains very leery of the sky. the
be catastrophic. >> that is erskine bowles, the co-chair of the debt commission. he is worried. we more likely to jump head first into the tax abyss than anyone winning the powerball hot try. you have a better shot at the jackpot than these dudes making a deal. is that true? is gephardt, the form house of representatives majority leader worried? what do you think, congressman? if you could bet on the odds of a deal what would they be? >>guest: i never thought they could do the big deal by the end of the year there isn't time to put those pieces together but i think there are two alternatives now, and one is they basically kick all the cans down the alley, the sequestration spending can and the tax increase can and they decide three, four, six months from now. the other alternative is to do the tax piece in some fashion that the president is talking about but i think the republicans would probably require something on medicare to match that on the spending side, and can they get those two pieces done by the end of year? i am not sure they can. >>neil: so, one possible option would be just let e
. >> budget expert erskine bowles said the opposite. >> i'm worried we have a possibility we could go off the cliff. that would be catastrophic. >> bowles said there is a two-third chance of us going over the cliff. though he said he still hopeful we can have both tax hikes and spending cuts to avoid that. the president said he is willing to have a framework for spending cuts. republicans think the word "framework" is squishy. >> bret: ed henry on the north lawn wearing the team uniform. thank you. republicans so far are sticking to the guns on the tax revenue increases and the spending cuts together. chief congressional correspondent mike emanuel is following that story. >> speaker john boehner a central figure in cutting a deal says republicans offered a plan to avoid the fiscal cliff through the significant spending cuts and tax reform and are committed to working with the president. >> this is one reason why we believe we put revenue on the table. as long as it's accompanied by serious spending cuts. to avert this crisis. >> texas senator john cornyn says the bipartisan simpson-bowles
. [laughter] >> it's really not erskine bowles say nobody is the obama administration. the series here for a minute. if you're right about the physical if you have to worry about what the story means because erskine bowles is a guy that can get in the middle of republicans and democrats. republicans like and, clinton's former chief of staff. he has close ties. liz: a business guy. >> a business guy with close ties to a lot of republicans. he has support from democrats. a lifelong democrat. he is a guy that can bring both sides together, and the fact is, the obama administration is not just distancing themselves. they said, we don't want any part of you, at least right now. he is telling people he will be treasury secretary. no way. liz: he doesn't want to. >> that is where it is a little murky. they don't want him. they really don't want him. from what i understand, as of now it is jack lose. the president has named jack the chief of staff, the chief of staff, and anyway, he, it's his job to lose. it's not official, anything can happen, but that's when i understand. what's even worse,
reduction plan talk about the fiscal cliff and choices facing congress. both alan simpson and erskine bowles have emphasized the need for revenue increases and entitlement reform. they have urged congress to reach a compromise. this is hosted by the "christian science monitor." >> here we go. our guests this morning are erskine bowles and senator alan simpson, co-chairmen of the national commission on fiscal responsibility and reform and co-founders of the campaign to fix the debt, or as the "new york times" called them this morning, the debt duo. their last joint appearance with us was in november of 2010. let me thank them both for coming back. we are all trying to fix the nation's fiscal woes. erskine bowles is president emeritus of the university of north carolina. he also had a career in investment banking and venture capital. he came to washington in 1993 service director of the small business administration and was later named chief of staff to president clinton. alan simpson followed his father's footsteps into politics -- a u.s. senator. a law degree from the university of wyoming -
't care by the fact that her erskine bowles as we were first to report basically offered himself up as the chief negotiator for these talks between president obama and congress, bipartisan guy, both sides of the aisle and he said no way at least so far. erskine bowles is doing a media tour. if you cannot do a deal or a.erskine bowles to a major role, and this is a guy who is a perfect go-between for both sides. this is a photo op, shows you how low corporate america has sunk. and the dog and pony show. do you think it changed his mind? >> none of that -- charlie: i think the president is more emboldened. he wants 50% of the vote and got less votes the last time but he is more emboldened. he is wearing a -- living in another world. we finca we will hit the fiscal cliff. there are certain things you can bet on, fat tuesday went on the air and said he is going to win. a lot of people saying, if you look at the polling -- connell: this is more of feeling. [talking over each other] charlie: he wants to raise taxes and raise the upper limit and a lot of other taxes. republicans in congres
he appoints as treasury secretary. geithner works till the end of the year. if erskine bowles gets it, this will be a compromise, this will done through tax reform. i think bowles -- i don't think he will take that job unless the president endorses simpson bowles. as you moe know -- as you know simpson bowles. if we goes with jack lou, the current white house chief of staff, erskine bowles is a businessman. if he goes with jack lew, much more partisan. that mean it will be a hard-line on taxes. someone who makes $250,000 a year, and you have five kids, you live in long island, guess what you are a millionaire and billionaire. that's what he's saying because you are going to pay the same tax rates -- excuse me, same income tax rates as someone like warren buffett. that's the hard-line. we will see. i will say this, one thing about president obama. listen i report the news. i came out here on your shows last week, i told you he was going to win. liz: yeah. >> i cover this like baseball. personally i will tell you that people who know president obama will tell you he was the least econo
now. i'm going to be talking about with members of congress but also to erskine bowles and alan simpson there. will he talk with some top economist about some of the choices facing those policymakers, but right now we are joined by one of the principals in the conversation to take place over at the white house in just about an hour or so, and that is gene sperling, the director of the national economic council. so i will invite him out there on the stage. so if gene sperling could join us. [applause] >> so, thanks it to you will time out before this big meeting at 10:15. appreciated. >> since pete peterson has always stood for bipartisan cooperation, he must have magically known to time today's meeting with what's happening at the white house today. >> share with our audience your view if you can't in how this is going to play a. will president obama walk in the room at 10:15 and put a plan on the table and suggest to speaker boehner this is my plan, take it or leave a? >> i don't think that's the spirit of compromise or cooperation that he will need to reach the title bipartisa
-- an organization founded by former republican senator alan simpson and former clinton chief of staff erskine bowles. >> we should be figuring this out! >> woodruff: still, finding compromise will be tough. senior obama campaign aide david axelrod argued today that the president now has new public support for raising taxes on better-off americans. >> the president did campaign all over this country. he talked about it in debates, he talked about it in speeches on the need for balanced deficit reduction that included some new revenues. and he was re-elected by in a significant way. so i think that, hopefully, >> woodruff: house speaker john boehner said yesterday that republicans are willing to consider raising revenues, but only within limits. >> the president has called for a balanced approach to the deficit-- a combination of spending cuts and increased revenues. but a balanced approach isn't balanced if it means higher taxes on small businesses that are the key to getting our economy moving again and keeping it moving. >> woodruff: meanwhile, republican and democratic senators-- known as the gang
into this morning as we talk about the fiscal cliff. erskine bowles says he thinks democrats and republicans are serious about getting a deal done, but when you hear congressman cole walking back statements, do you think that's true? >> cole doesn't want to be a political target of the right. so he can easily say i really didn't mean that prks and to ge of the news. and probably trying to set the table for other guys. which is a signal that the right wing is still very stuck in con kreetd as you said earlier. they don't want to move. they are denying election results. but there is real ominous things i think that are starting to surface here. any talk of a mortgage deduction change would be horrendous in my opinion and it would fly in the face of everything barack obama and joe biden ran on in protecting middle class. they have to be crystal clear that that is off the table. the housing crisis started the last recession. if they go after mortgage deductions, if they put that on the table even for high end homes, that will change sales, it will reduce prices on homes, it will slow constructio
a campaign to fix the debt. it was co-founded by former clinton white house chief of staff erskine bowles, and former republican senator alan simpson. they previously co-chair the@ bipartisan after commission on fiscal response ability and reform under president obama. co-founder erskine bowles warned of the dangers of the growing national debt. >> we have today over $1 trillion a year, that are like a cancer. over time, they're gone to destroy our country from within. >> critics have accused the group of using the budget crisis to push for corporate tax cuts. the institute for policy studies in washington, d.c. is publishing a report called "the ceo campaign to 'fix' the debt: a trojan horse for massive corporate tax breaks." for more, we're joined by sarah anderson. welcome. what is happening today in washington, d.c.? >> what people and not talking about the pledge while people are not talking about the sex life of general petraeus, they're talking about the budget showdown. one of the debate is called the campaign "fix the debt." a dco's from america's art as corporations. they're doi
, congresswoman, let me point this out, this is from erskine bowles today. we talked about ad nauseam of the simpson/bowles debt committee and this is erskine bowles about to meet with the president yesterday, and he later said that the president expressed flexibility on tax rates. let me quote him, bowles is quoted as saying, i didn't sense it, i heard it. he went on to say, quote, the white house really believes at its core that new tax revenue ought to come from the wealthy. but, according to "usa today," he went on to say the president is open to republican alternatives. open to republican alternatives. you're there on the hill. are you hearing anything like that? >> we have not been invited to present those alternatives and we do have them. cleaning up the tax code is a great place to begin. and looking at what you're going to do with closing some of these loopholes. we all know that if you want to generate more revenue, you need to flatten the rates, clean up that tax code, broaden the base. that is how you do it. and at the same time, you've got to get in there and cut some of
erskine bowles, the co-chair the so-called bowles simpson commission will get the treasury job. but bowles is probably too closely identified with his own views on deficit reduction to take the lead pushing the president's agenda. also, it's no secret most traders and bankers wanted the president to lose this election, so the white house may not want to go out of its way to find a new treasury secretary wall street will love. darren gersh, "n.b.r.," washington. >> tom: it wasn't as bad as we thought. that's how the government sized up the summer drought which parched the midwest. a report out today says crops fared better than expected. still u.s. farmers probably produced their smallest corn crop in six years. and as diane eastabrook reports uncertainty over the weather could keep prices volatile for months. >> reporter: this morning chicago grain traders sent soybean futures prices tumbling and corn prices see-sawing on the latest news about this year's harvest. the department of agriculture forecast farmers will produce slightly more soybeans and corn than predicted a month ago. >> it d
commission co-chair erskine bowles tells maria bartiromo why he thinks there hasn't been a recession yet. >> the guys that are running for office worship that great god of re-election and haven't been focused, i believe, on what's right for the country. >> the average rate on a 30-year loan has dropped to 3.34%. that's the lowest since 1971. the average 15-year fixed rate hit a new low of its own. >>> federal officials are investigating whether fedex and ups aided and abetted illegal drug sales from online pharmacies. both companies deny any wrongdoing. >>> mcdonald's u.s. chief is stepping down due to unusually poor fast food sales. >>> thousands of united airlines passengers were stranded thursday thanks to the airline's third major computer glitch since june. >>> a new survey says 86% of americans are buckling up nowadays. that's up over 2% from last year. >>> hostess is set to announce its next step this morning after threatening to close up shop if striking workers didn't return by last night. >> luke skywalker and princess leia have earned a spot in the national toy hall of fame. >
would listen. >> reporter: two years ago, the fiscal commission chaired by democrat erskine bowles and former republican senator alan simpson proposed every basic element of the fiscal cliff solution being discussed now. their plan was a mixture of higher taxes, lower spending and the reform of medicare and social security. both men told us sacrifice has to come from everyone. >> all of us have to have some skin in the game to get it done. >> if you want something, pay for it. it's a sick idea, but it is an interesting idea. >> reporter: their biggest idea was to increase revenue by combining both the president's demand for higher taxes on the rich and the republican proposal to get rid of tax loopholes. bowles/simpson would eliminate almost every tax deduction for individuals and corporations, with only a few exceptions for charity donations and home mortgage interests. >> this stuff goes to the wealthiest people in america. 20% of the american people use 80% of that stuff. >> we have $1.1 trillion of loopholes, of back door spending in the tax code. >> reporter: $1.1 trillion? >>
issues. erskine bowles, coauthor of the simpson-bowles plan, they want the business community to hear their ideas after president obama met with ceos two weeks ago. a big deal should include spending cut and reforms. >> chief white house correspondent ed henry is reporting that both sides cannot agree on whether they are still talking. >> the republicans suggest fiscal talk hit impasse and demand that president obama show leadership to break it. >> we'll wait on the president and hope he can bring people together to forge a compromise. if he does, we will get there and if he doesn't, we won't. that simple. white house released a report on cyber monday warning that a deadlock would crush retailer and devastate consumer spending, white house spokesman carney pushed back on the idea that the talks are stalled, as well as that the president is not showing leadership. >> so he spent mixed signals on the white house willingness to make concessions. >> he is clear about the president's interest and willingness to compromise. but also, his clear insistence that he will not sign an extension o
, erskine bowles met with both sides. he's the co-chair of simpson- bowles commission that drew up a leading plan to cut the federal debt. >> i upon hopeful but i wouldn't put me in the optimistic wetegory. we have a long way to go and a very few days to get it done. >> reporter: president obama has been urging republicans to vote now to keep taxes from rising on households that make less than $250,000 a year and haggle over rates for the wealthy later. one top republican, tom cole of oklahoma, urged his colleagues today to give in. a lot of republicans think you give up all your bargaining power if you do that. >> you know, i respect that opinion but i don't agree with it. the reality is i don't think the american people ought to be leverage in a negotiation. and i think if they are leverage, it's actually the leverage of the democrats. they're now telling americans basically, oh, republicans are willing to raise your taxes. well, we're not. we don't want to raise taxes on anybody. so i think the best thing to do is to take that issue off the table early. >> reporter: but speaker boehner qu
. it's why this is not the right approach. >> reporter: on capitol hill on wednesday, erskine bowles met with both sides. he's the co-chair of the committee that drew up a plan to cut the federal debt. >> i'm hopeful but don't put me down anywhere near optimistic category. we got a long way to go and very few days to get it done. >> reporter: and some signs of compromise from the democrats. the house democratic leader nancy pelosi is giving some hints her party may be willing to consider some of those offers made between the president and speaker boehner during last year's budget talks including cuts to medicaid and medicare and one more sign two sides are moving together. today president obama is hosting mitt romney for lunch. it's closed to the press but those fiscal cliff talks will be part of that discussion. >> curious minds will want to know. susan, thank you. the fiscal issue of another sort, the record setting powerball jackpot. we like talking about this fiscal issue. this morning lottery officials say there are two winning tickets for the grand prize. the winning tickets we
of staff, next treasury secretary, or mark warner, or erskin bowles. he'll set the tone. is he going to broad in out. one of the big criticisms of the president in washington, the team was too insular. will he break the mold with the second term? >> a get to inject. because it is german to our conversation. the great historian, "60 minutes." the shame of it they're spending all this unconscionable amount of money what is it producing. a not very good show. imagine the quantity of word that are being produced and you think there's anything that is going to stand the test of time in there? i haven't heard it yet. we should demand more of them. the citizens united supreme court decision which can only be reversed oddly by the citizens, united has turned politics on its ear. it has opened the floodgates of money in our politics. and the solution is in the people and in the democratic form of government. but that would take consensus. andrea mitchell. covering senate and house races, brief leave side tracked by the minor matter of the re-election of the president of the united states. >>
and erskine bowles, authors of a deficit reduction plan about what needs to be done. >> you can't tax your way out of this. you can't cut spending your way out of this. you can't grow your way out of this. so grab hold, it's going to be a rocky, rocky road. >> so you're saying closing the loopholes alone brings it to a trillion. >> if you're willing to wipe out all of them, and that may not be political feasible, but you can definitely solve the problem by broadening the base, simplifying the code and getting rid of the tax expenditures. >> it upsets me you're worried we're not going to get a deal because that's how i felt. >> i think there is a one-third probability we'll get a deal in lame duck, one-third we'll go over the cliff and reach a deal right afterward but there is that one-third chance we won't and end up in chaos. >> we have felt for weeks and months no one would be dumb enough to let this happen and now they can see that it is indeed possible, to be as dull witted as possible this could happen and now they finally soared up. they were planning it to be done. no one had ever let t
, and president obama on the so-called fiscal clef. later, alan simpson and erskine bowles talk about some of the fiscal choices facing congress. >> the program began under one of the advisers to president franklin roosevelt to document the conditions under which people were living. this was back when we did not have television. we had radio, but a lot of places did not have electricity, so they could not listen to the radio broadcast to find out what was going on in other parts of the country. he was an economist from columbia university. he was the head of this project. in 1939, when kodak introduced color film, they sent him to have his photographers try out, see what they could do. kodak was trying to establish a new market and product, and they wanted people who would know how to use it effectively to try it out and publicize it. >> america in the 1930's and 1940's -- the library of congress curator shares some of the 1600 color photographs taken during the depression and world war ii. .nday at 7:00 p.m. on 3. -- c-span 3. >> now, john boehner and house republican leaders talk about f
commission alan simpson and erskine bowles say you law make are haven't been focused on what's really right for the country. >> leaders who think it would be to their advantage to go off a fiscal cliff. what a wonderful trait that is. that we can win more democrats if we let it go over, we can win more with republicans. this whole game is not about win or lose. it's about how do we make the dems lose and how do we make the republicans lose. people are sick of that and they're ashamed of if. >> if we do get our house in order, the future of america is really bright. and we can compete with the best and brightest. if we don't, we're well on on our way to becoming a second rate power. >> simpson isn't hopeful a deal will be reached before the end of the year. bowles sees a one third chance. on that optimistic note, joining us is ben white from politico. so what's it going to be, economic chaos? >> no, i think i'm at more saa more sanguine. republicans lost seats in the house and senate and big at the presidential level. i think they're putting up a good face that they won't allow any marginal
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